HB1488

Mississippi HB1488 authorizes the University of Southern Mississippi to sell or lease certain state-owned real property.

Mississippi HB1488 amends existing law to authorize the University of Southern Mississippi to sell or lease specific state-owned real property. If sold, the property must be sold for at least the fair market value, determined by averaging two appraisals. If leased, the lease cannot exceed 40 years and cannot be canceled by successor boards. Proceeds from the sale or lease must be deposited into a special fund in the State Treasury for the university's benefit. The state retains all mineral rights to the property.